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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
3 Months Ended
Jul. 02, 2022
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the three months ended June 2022, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of June 2022, March 2022 or June 2021. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands)June 2022March 2022June 2021
Foreign currency translation and other$(833,166)$(751,632)$(663,120)
Defined benefit pension plans(174,139)(230,290)(257,431)
Derivative financial instruments132,429 55,343 (45,335)
Accumulated other comprehensive income (loss)$(874,876)$(926,579)$(965,886)
The changes in accumulated OCI, net of related taxes, were as follows:
 Three Months Ended June 2022
(In thousands)Foreign Currency Translation and OtherDefined Benefit Pension PlansDerivative Financial InstrumentsTotal
Balance, March 2022$(751,632)$(230,290)$55,343 $(926,579)
Other comprehensive income (loss) before reclassifications
(81,534)(14,484)84,055 (11,963)
Amounts reclassified from accumulated other comprehensive income (loss)
— 70,635 (6,969)63,666 
Net other comprehensive income (loss)
(81,534)56,151 77,086 51,703 
Balance, June 2022$(833,166)$(174,139)$132,429 $(874,876)
 Three Months Ended June 2021
(In thousands)Foreign Currency Translation and OtherDefined Benefit Pension PlansDerivative Financial InstrumentsTotal
Balance, March 2021$(700,173)$(257,747)$(51,080)$(1,009,000)
Other comprehensive income (loss) before reclassifications
37,053 (2,411)(4,371)30,271 
Amounts reclassified from accumulated other comprehensive income (loss)
— 2,727 10,116 12,843 
Net other comprehensive income (loss)
37,053 316 5,745 43,114 
Balance, June 2021$(663,120)$(257,431)$(45,335)$(965,886)
Reclassifications out of accumulated OCI were as follows:
(In thousands)Three Months Ended June
Details About Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Consolidated Statements of Operations
20222021
Amortization of defined benefit pension plans:
Net deferred actuarial losses
Other income (expense), net$(3,721)$(2,840)
Deferred prior service credits
Other income (expense), net112 118 
Pension settlement charges
Other income (expense), net(91,761)(948)
Total before tax
(95,370)(3,670)
Tax benefit
24,735 943 
Net of tax
(70,635)(2,727)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
Net revenues(4,750)(1,798)
Foreign exchange contracts
Cost of goods sold5,924 (6,169)
Foreign exchange contracts
Selling, general and administrative expenses1,609 (917)
Foreign exchange contracts
Other income (expense), net5,432 (1,702)
Interest rate contracts
Interest expense27 27 
Total before tax
8,242 (10,559)
Tax (expense) benefit
(1,273)443 
Net of tax
6,969 (10,116)
Total reclassifications for the period, net of tax$(63,666)$(12,843)